As selling pressure deepens in the cryptocurrency market, the price of Bitcoin has fallen below $80,000 for the first time since April 2025.
BTC fell by more than 4% during the day, dropping to $79,294. At the time of writing, the BTC price is trading around the $79,000 mark.
Bitcoin’s weekly loss exceeded 11%. Its total market capitalization fell to $1.58 trillion.
The price drop triggered sharp liquidations in the futures market. A total of $1.59 billion in positions were liquidated in the last 24 hours, with $1.47 billion of that being long positions. The fact that over $1 billion in liquidations occurred in just the last four hours highlights the speed and severity of the decline.
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The pullback in Bitcoin led to sharp losses in the altcoin market as well. Ethereum fell to $2,433, losing more than 10% in the last 24 hours, while Solana dropped over 10% to $103. XRP, Dogecoin, and Cardano also experienced losses approaching double digits. BNB fell by over 7% to $786. The total market value decreased by approximately 4.7% in the last 24 hours.
The sell-off wasn’t limited to major cryptocurrencies. PAX Gold (PAXG), known as tokenized gold, fell 1.65% to $4,875, while Tesla (TSLAX), a tokenized stock product, also lost over 2% of its value. This indicates that the risk-aversion trend has spread throughout the crypto ecosystem.
According to current data, Bitcoin’s price needs to rise to approximately $1.69 million to reach the market capitalization of gold.
The reasons cited for the decline include Donald Trump nominating Kevin Warsh, considered a hawk, as his candidate for Fed Chairman, the market expecting fewer interest rate cuts than before, and geopolitical tensions.
*This is not investment advice.
Continue Reading: HOT MOMENTS: Bitcoin Price Falls Below $80,000 for the First Time Since April – Here’s the Latest Situation, Reason for the Drop, and Data
